Forex news trading system

The yellow metal is preparing for a counter-trend rally after printing fresh intraday low at $1,277.69 levels today. The metal is on the rise by means of $1 285.00 levels in the last 2 hours, indicating a counter-trend advance. Looking at the wave structure since $1 357$.00 levels, Gold fell to a lowest in 5 waves labeled 1 through 5 above. This indicates that the yellow metal has formed the wave (1) to a greater degree, or that it formed in A wave of much more correction A-B-C zigzag. The most likely wave count from here is a potential rally to at least $1,308.00/10.00 levels, which is fibonacci 0.382 resistance of the whole of the drop as shown here, or it could push higher through the $are 1.327.00/30.00 levels, which is fibonacci 0.618 resistance as seen here. Immediate price resistance is seen at $1,313.00 levels, while support is at$1,275 .00 level, respectively.

Silver is also looking to produce a counter-trend rally after product intraday low of $16.67 levels today. The metal is trading at $16.81 levels for the moment and looking to push higher towards $17.30 and $17.60 of the fibonacci levels 0.386 and 0.618 resistance of the entire drop from $18.20 to $16.67 level, respectively. Looking into the wave structure, the Money has produced an impulse (5 waves) from $18.20 levels, labeled as wave (1) or of the wave A. A minimum of involvement from here on, it is that the metal must produce a 3 wave counter-trend rally to around $17.30/60 levels before turning lower again. Research to a greater degree, the Silver is on the verge of falling in 5 waves labeled Waves (1) to (5) or 3 waves labeled A-B-C. For the moment, it is highly likely that Silver rallies through the resistance before turning lower again. The resistance is seen at $17.20/30 levels, even if the support is at $16.65 level, respectively.

Trading Plan:

Aggressive: for a Long time now, stop at $16.40, target $17.30 and $17.60.

Conservative: Looking to sell at $17.60, stop above $18.20 and lower target to $16.00 at least.

Fundamental outlook:

Please pay close attention to the German Consumer Price Index USD and the GDP figures to be between 0800 AM and 0830 registration EST.